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| Financial Innovation, Capital Allocation and Technical Innovation: Empirical Research on Listed Companies in Strategic Emerging Industry |
| Wang Lei,Lai Yushuang |
| School of Business, Jiangnan University, Wuxi 214122,China |
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Abstract The role of financial innovation in enterprises' technical innovation process has been increasingly prominent. On the one hand,financial innovation provides more financing manners and instruments for companies' technical innovation.On the other hand,it can also optimize capital allocation efficiency,so that it can promote technical innovation indirectly.This paper constructs the theoretical framework on the basis of endogenous financial development theory and the efficient internal capital market theory.This paper aims to study the path of financial innovation's influence on technical innovation at the micro level.We take 343 A-share listed strategic emerging industry companies data from 2011 to 2015 as the study sample and do the empirical analysis of the relationship among financial innovation, capital allocation and technical innovation.The results show that financial innovation can promote technical innovation through improving the efficiency of capital allocation in strategic emerging industry companies.The conclusion provides theoretical reference for strategic emerging industry companies to make best use of financial innovation and improve capital allocation efficiency,thus facilitating technical innovation.
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Received: 20 October 2016
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Corresponding Authors:
Wang Lei
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